Over 100 CNN Employees Take Voluntary Buyouts – Just Don’t Call It A Layoff

CNN admitted that around 100 employees accepted voluntary buyout offers amid a company-wide restructuring by parent company AT&T, according to Deadlinewhich added that according to a spokesperson “the exits are purely related to the buyouts and do not involve any layoffs, contrary to a press report earlier on Monday.

The buyouts are consistent with similar offerings at HBO and Turner and will see dozens of seasoned employees leave the news brand. WarnerMedia parent AT&T is looking to restructure and reduce what was $170 billion in net debt as of the end of 2018.

The news comes the same day CNN began broadcasting some of its shows from its new WarnerMedia digs at 30 Hudson Yards, with about 1.5 million square feet of office space putting the WarnerMedia divisions under the same New York roof for the first time. Office workers, including many at CNN, had already made the move from Time Warner Center at Columbus Circle, but the new studios are now lighting up on Manhattan’s Far West Side. –Deadline

AT&T/WarnerMedia have been executing on their restructuring plans since the federal government lost a legal appeal challenging AT&T’s $81 billion takeover of Time Warner. The company is also attempting to unload its 10% stake in Hulu- which is deep in the red.

In April, the company finalized a $2.2 billion with ‘Related Companies’ for its Hudson Yards space which will keep them there through early 2034, while in March HBO announced the closure of Long Island-Based Hauppage Communications Center, which will include the elimination of around 75 out of 200 employees at the 35-year-old broadcast operations facility.

via zerohedge

2 comments

  1. You would think that ‘even’ CNN would have gotten the word — REPORT the NEWS, not COMMENTARY. They had a very good reputation ‘once upon a time’ BUT they have allowed political “prejudice” to cloud their ‘reporting/reporters’ and the road has been DOWNHILL ever since. I still remember the days of the first gulf war when CNN did such a good job — they could still recover — they’d just have to GET RID of a few of the talking heads and replace them with REAL reporters — who would ‘resort’ to that age old tool of the news game — “TRUTH” !!!

  2. THATS IT I AM NOW GOING TO CANCEL MY AT&T ACCT> AS WELL AS SWITCHING MY CABLE TO SOME BODY ELSE BEING THAT BOTH ARE OWNED BY AT&T.

    CNN SHOULD BE BANNED AS WELL AS THE OTHER FAKE NEWS AGENCIES , DUE TO THE FACT THEY LIE SO MUCH IT IS DISGUSTING.

    I WOULD RATHER READ A TABLOID FROM THE GROCERY STORE, THEY ARE MORE HONEST

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